Home Business Oil recovered some losses, but the market is still under pressure

Oil recovered some losses, but the market is still under pressure

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Oil prices recover some losses Monday after falling three percent of the previous fall, but markets are still under pressure due to high drilling activity in the US and the strong supply of OPEC producers.

Gross Brent crude oil price was $ 47.08 per barrel at 0537 GMT, to 37 cents, or 0.8 per cent, closer to the latter.
US futures market West Texas Intermediate (WTI) rose to $ 44.60 per barrel of 37 cents or 0.8%.

Retailers said cheaper prices were affecting the opportunistic purchase after a sharp fall on Friday, but added that market conditions continued to weaken.
Brent price despite agreement by 17 percent, 100 less than the opening of 2017.

The oil export organization (OPEC) reduced production since January

ANZ Bank on Monday in the market “to increase drilling activity in the US and continue to increase production.”
The Energy Company added seven US oil wells last week, 24 weeks in the last 25 brands, up to 763, the highest level since April 2015, energy services company Baker Hughes.

US oil production has increased by more than 10% since mid-2016 to 9,340,000 barrels a day (BPD).
The increase in US production is generated when OPEC shares despite group commitments remain abundant in production this year, January-March 2018 has declined.

OPEC’s exports in June of 25.92 million barrels a day (BPD) were 450 thousand BPD more than in May and 1.9 million barrels per day compared to the previous year.
Given the current offer too important to analysts, the market is still far from finding a better balance between demand and auctions available.

“There seems to be little hope of redistribution (market) … unless we have seen a significant increase in demand to reduce supply constraints,” said Sukrit Vijayakar, Energy Counselor Trifecta.